Wednesday, 5 August 2015

Entrepreneurship has
been associated with mainly two things: Being innovative and starting a
business. While the later is commonly practiced, the former which is the core
of entrepreneurship is largely missing in most businesses. Every entrepreneur
can be a business person, but not all business people are considered innovative.
Being an entrepreneur demand more than just starting a business, it deals with
being innovative. Here are some non-innovative activities some business people
are engaged in most times:

1Churning
instead of learning:
If you are engaged in repetitive and unproductive activities, you
duplicate efforts without any improvement, then your innovative ability is very
low. Innovative business people don’t waste time on repetitive and unproductive
activities, once they realize their mistakes, they learn from it, and they move
on.Restricted
instead of forward thinking: Creativity and flexibility is the
bedrock of every entrepreneurial success. Being too rigid with rules and not
using your initiatives in business decision making are some barriers to
innovative traits you must avoid. Innovative people are not restricted in their
thoughts, and are not held back by setbacks or the past.Settling for less instead of
pursuit of perfection: Those who settle for less are never
innovative. If you don’t get uncomfortable with current practices and push
yourself to pursue excellent by looking for better ways to achieve new results,
you can’t go far in business. Successful entrepreneurs push the envelope with
the aim of giving consumers what they didn’t even know they needed.Myopic
instead of visionary: Being too myopic about events and
things that work now can hinder you from minding where the market is heading
and what customers may likely need tomorrow. Innovative people are progressive,
and have that pioneering spirit.Searching
for existing markets instead of creating the market:
Are you busy searching for an existing market instead of creating one? Then you
are not innovative. Ordinary business people are only interested in moving into
existing markets, innovative business people are more concerned with creating,
transforming and redefining the market. Existing markets are usually destroyed
by innovative firms.Isolated
instead of networking: Isolation is not good for any
entrepreneur. If you have problems interacting with others especially those
with similar interest, then you can’t be innovative in business. You gain more
connecting with people than isolating yourself. Networking is a tool for
developing ideas by engaging different people with diverse experiences and
background. Other people’s experiences give you inspiration and expand your
capacity to imagine solutions beyond your ability as a person.Risk
averse instead of risk taker: Are you afraid to try new things in your
business? Then you are not an innovative business person. Trying out new things
keeps the entrepreneur ahead of the game. Calculated big risk yields big reward
too!

Sunday, 19 October 2014

The evoluation of social media as captured by http://marketing.wtwhmedia.com from 1970 to 2009.

Compare that to a more comprehensive graphic by copyblogger

No doubt the evolution of social media sites is not just interesting, but it has also showed how human needs for online socialization has given birth to very specific platforms that addresses either professional or social needs of people. As much as human needs for online socialization is growing, and various platforms are needed to meet this need, not all platforms have succeeded in appealing to consumers' taste for online socialization. Moreover, the competition is so high that some have to drop. Below are some of the platforms that are no longer existing.

Thursday, 16 October 2014

“There are always
more smart people outside your company than within it.” - Bill Joy

Imagine having a customer
as the head of your next new product development project! Odd? Well, businesses
are learning to be proactive in their strategies by finding better ways to make
the customer own a product and become part of your business. Handling
complaints very well and meeting customers' expectations wouldn’t
guarantee loyalty, after all every business ensures that. Businesses have moved
from handling complaints and meeting expectations to co-creating a product or
service with customers; putting the power of innovation in the hands of the
customers - If they will use it, let them
create it.

In the past, everything
about product development was done within an organisation and then given to
customers to buy. Today that orientation is changing. Companies now want to get
the customers involved in product development by allowing their creative
instincts to guide the design process of any product or service. This makes the
companies and customers business partners and a winning team.

It is important to note
that co-creation is not 'being consumer centric' or 'consumer engagement' or
inclusion - All these only incorporate consumers concerns into an existing
product. However co-creation allows your customers to play the lead role in
designing products hence driving innovation in your business. This strategy is
not about asking what the customers want and then creating it for them - NO! It
is about allowing customers create the product or service that they truly want
in partnership with your business.

Co-creation is changing
the way organisations respond to innovation and development. The orientation of
value creation has always been dominated by company's creative minds. However,
in business today, open innovation has shown that customers are creative as
well, and they can drive innovation. Hence, giving them an opportunity to
explore their creativity will move your Products and services from company-made
to customer-made. Are you giving your customers the opportunity to lead
innovation in your business?

Wednesday, 15 October 2014

I read a material on The Benefits of Giving Away What Your Company Knows
by CV Harquail. Using Buffer as a case study, Harquail discussed how businesses can benefit from sharing what they know with others. According to her, generative businesses are "designing their business practices, their relationships, and their
business models so that the work they do to grow their own businesses
helps their stakeholders grow too."

When you view old methods in a new way, it helps your business to adjust to the changing circumstances.

Generative
organisations or businesses are simply those businesses that are able to create
or bring into being something new, or to give rise to new possibilities. For instance
new ideas, new processes etc. The create opportunities for others while they grow.

Below are the key features of a generative business as discussed by C.V. Harquail.

They design their work processes to power their own growth while
sharing what they know, creating opportunities for other businesses to
learn, experiment, or challenge themselves.

They build an ecosystem of mutually supportive relationships with
and between their stakeholders, so the group as a whole can benefit from
interactions across the network.

They create financial value as well as social value, which includes
non-financial positive outcomes such as purpose, meaning, community,
expression, and learning.

As good as this sounds, how small businesses will benefit from being generative is still not very clear especially when they have to deal with survival. In Nigeria for instance, small businesses are very secretive, and may not want to share any knowledge that will help other stakeholders especially competitors. How do you know what amount of information to give away is one question yet to be answered. In spite of that, this is a principle small businesses should imbibe as they grow. By helping others grow, you gain new ideas and achieve better results.

Something is “generative” when it’s able to originate or produce something, or to give rise to new possibilities.

Generative practices are important because they make new things possible. They have the capacity for ‘more’ built right in.
- See more at: http://authenticorganizations.com/harquail/2013/12/11/whats-a-generative-organization/#sthash.SbkIoejd.dpuf

Something is “generative” when it’s able to originate or produce something, or to give rise to new possibilities.

Generative practices are important because they make new things possible. They have the capacity for ‘more’ built right in.
- See more at: http://authenticorganizations.com/harquail/2013/12/11/whats-a-generative-organization/#sthash.SbkIoejd.dpuf